Minnesota lawmakers considered a few bills last week to help farmers navigate tough times. The Minnesota House Agriculture and Food Finance and Policy Committee considered funding for farm crisis loans, which was laid over for future consideration. Riverland Community College Farm Business Management instructor Dan Miller testified at the hearing, saying farm income is at a disastrous level. “Net farm income in 2019 was about half of what it was in 2013. Equity or net worth as a percentage has diminished,” explains Miller. “Due to cash flow challenges, farmers are refinancing short term debt.” Miller also says the Market Facilitation Program payments helped farmers significantly in 2019, but they aren’t guaranteed for the future.
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.